Bangkok Dusit Medical Services (BDMS) Investor Presentation 4Q17&2017 Results April 2018 - Bangkok ...

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Bangkok Dusit Medical Services (BDMS) Investor Presentation 4Q17&2017 Results April 2018 - Bangkok ...
Bangkok Dusit Medical Services (BDMS)
Investor Presentation 4Q17&2017 Results
             April 2018
Bangkok Dusit Medical Services (BDMS) Investor Presentation 4Q17&2017 Results April 2018 - Bangkok ...
Important Notice

 The information contained in this presentation is for information purposes only and does not constitute an offer or invitation to sell or
  the solicitation of an offer or invitation to purchase or subscribe for share in Bangkok Dusit Medical Services Public Company Limited
  (“BDMS” and shares in BDMS, ”shares”) in any jurisdiction nor should it or any part of it from the basis of , or be relied upon in any
  connection with, any contract or commitment whatsoever.

 This presentation may include information which is forward-looking in nature. Forward-looking information involve known and unknown
  risks, uncertainties and other factors which may impact on the actual outcomes, including economic conditions in the markets in which
  BDMS operates and general achievement of BDMS business forecasts, which will cause the actual results, performance or achievements
  of BDMS to differ, perhaps materially, from the results, performance or achievements expressed or implied in this presentation.

 This presentation has been prepared by the BDMS. The information in this presentation has not been independently verified. No
  representation, warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or
  correctness of the information and opinions in this presentation. None of the BDMS or any of its agents or advisors or any of their
  respective affiliates, advisors or representatives, shall have any liability ( in negligence or otherwise) for any loss howsoever arising from
  any use of this presentation or its contents or otherwise arising in connection with this presentation.

 This presentation is made, furnished and distributed for information purposes only. No part of this presentation shall be relied upon
  directly or indirectly for any investment decision-making or for any other purposes.

 This presentation and all other information, materials or documents provided in connection therewith, shall not, either in whole or in
  part, be reproduced, redistributed or made available to any other person, save in strict compliance with all applicable laws.

                                                                                                                                           2
Bangkok Dusit Medical Services (BDMS) Investor Presentation 4Q17&2017 Results April 2018 - Bangkok ...
Contents

     Overview

       Healthcare Industry

       Operational Statistics

       Financial Highlights

                                 3
Bangkok Dusit Medical Services (BDMS) Investor Presentation 4Q17&2017 Results April 2018 - Bangkok ...
Overview

           4
Bangkok Dusit Medical Services (BDMS) Investor Presentation 4Q17&2017 Results April 2018 - Bangkok ...
BDMS
Overview

           45 Hospitals                ~ 8,000 Beds
                                                                       Brand                    No. of            No. of
                                                                                               Hospitals          Beds*

           10 Centers of               BDMS Wellness                Bangkok Hospital               21              3,602
           Excellence                  Clinic
                                                                    Phyathai Hospital               5              1,241
         12,000+ Doctors               Pharmaceutical               Samitivej Hospital              6              1,288
         8,000+ Nurses                 manufacturer
         14,000+ Staffs                and drug stores              Paolo Hospital                  6              1,008

                                                                    BNH Hospital                    1               144
   Established on February 26, 1972
                                                                    Royal Hospital                  2               130
   Top 5 private hospital operators in the world by
    market capitalization                                           Local Hospital                  4               546
   Hub-and-Spoke model with an established              * Maximum number of beds according to structure of the hospitals
    patient referral system helps create efficiency
    through scale

                                                                                                                            5
Bangkok Dusit Medical Services (BDMS) Investor Presentation 4Q17&2017 Results April 2018 - Bangkok ...
Target Patients / Purchasing Power
     Social      Middle-Income   High-Income   International
    Security        Patients       Patients       Patients
    Patients
                                                               Secondary
                                                                                                         Diversification of Patient Mix

                                                               Tertiary
                                                                                Medical Sophistication
                                                               Super Tertiary

6
Bangkok Dusit Medical Services (BDMS) Investor Presentation 4Q17&2017 Results April 2018 - Bangkok ...
BDMS Future Plan
Key Strategies

                         2017                        2018                   2019                  2020

                  45 Hospitals                                                              ~ 50 hospitals

                  ~ 8,000 beds                                                              ~ 8,500
                                                                                                  2025beds
                    Paolo Kaset             o   Bangkok Chiangrai    o   Phoenix Project   o International
  Hospitals in
                     (162 beds)                  (80 beds)                (175 beds)           Hospital
   Pipeline
                    Bangkok Surat                                                             (100 beds)
                     (150 beds)              o   Chiva Transitional
                    BDMS Wellness               Care (52 beds)
                     Clinic (4Q17)

                      Increase utilization of ramping-up hospitals
    Focus on          Improving operational efficiencies
     Margin
   Expansion          Centers of excellence
                      International medical affiliation

   Long-term          Completed continuum of healthcare
     Target           Top referral hospitals in Asia Pacific

                                                                                                             7
Bangkok Dusit Medical Services (BDMS) Investor Presentation 4Q17&2017 Results April 2018 - Bangkok ...
Successful Track Record of Expansion Through M&A and Greenfield Projects
 Strong Share Price Performance Backed by a Successful Expansion Track Record
Share Price                                                                                                                                    2015
(THB)                                                                                                                                          • Bangkok Phetchaburi                               2017
                                             2006                                      2011                                                    • Sri-Rayong                                        • Paolo Kaset
  30      2004                                                                                                                                 • Dibuk
                                             • Increase in stake of                    • Bangkok Hua Hin                                                                                           • Bangkok Surat
          • Bangkok Heart                      Bangkok Pattaya, Bangkok                                                                        • Samitivej Chonburi
                                               Chanthaburi and Samitivej               • Bangkok Pakchong
  25      • Bangkok Samui                                                                                                                      • Bangkok Muangraj
                                               Sriracha (became                        • Health Network                                                                                     43
          • Bangkok Phuket                     subsidiaries)                             (8 Phyathai & Paolo        2013
          • Samitivej Sukhumvit and                                                      hospitals)                 • Samitivej Thonburi
  20                                         • Bangkok Ratchasima                                                                                                             42                            45
            Samitivej Srinakarin                                                                                    • Bangkok Phitsanulok                                             2016
                                                                                                                                                             37                       • Paolo Rangsit
  15                                                                                                                                         31                   2014
                                                               2007
                       2005                                                                                                                                       • Bangkok Chiangmai
                                                               • Royal Angkor International
  10                   • BNH                                                                                                                                      • Royal Phnom Penh (Cambodia)
                                                                 (Cambodia)                                                    29
                       • Wattanosoth                                                                                                                              • Samitivej Chinatown
                                                               • Royal Rattanak (Cambodia) *
                                                                                                               28                                                 • Bangkok Khon Kaen
    5                                                                                                                   2012
                                                          18                                                                                                      • Bangkok Sanamchan & Thepakorn
                                            16                                                                          • Bangkok Udon
                10            12                                                                                                                                  • Sririroj International
    0
    Jan-04           Jan-05        Jan-06        Jan-07         Jan-08        Jan-09      Jan-10        Jan-11        Jan-12        Jan-13          Jan-14          Jan-15         Jan-16         Jan-17         Jan-18

                        Green font indicates Greenfield projects               Brown font indicates acquisitions           #    Number of hospitals in the network post-acquisition
* Transfer of business to our new facility, Royal Phnom Penh

                              Solid Revenue Growth Over the Past Decade (2004-2017 CAGR of 21.7%) with Resilient EBITDA margin
                                                                                                                                                                                                 Total Revenue (THB mm)
                                                                                                                                                                                                   and EBITDA margin (%)
                                     23.1%         23.4%              23.1%      22.9%         23.1%         23.2%         23.3%                         22.4%               22.1%
                                                                                                                                         21.3%
                      20.6%                                                                                                                                                                 21.4%          21.3%
        18.4%

     5,635            10,724        15,981         18,885          21,652        21,974        24,051       37,371        47,862         51,407          56,607              63,655         68,844         72,772

     2004         2005       2006         2007                        2008        2009         2010          2011          2012              2013            2014            2015           2016           2017
 Source: Derived from BDMS’ financial statements

                                        BDMS has developed 14 new hospitals and acquired a total of 30 hospitals to date

                                                                                                                                                                                                                          8
‘Hub-and-Spoke‘ Model
Providing a Proven Patient Referral System and Creating Efficiency Through Scale

         Clinics / Medical
            Diagnostics       Referral
                                                                  Spoke
                              patients
                                                  Doctors

                                                                         Referral
               Patients                                                  patients
                                    Hub
                          (Super Tertiary / Tertiary)

                                                        Nurses
               Referral
               patients                                          Spoke
                           Medical          Referral
             Spoke        equipment         patients

     1     Strong patient referral system within and across each hub and spoke

     2     Enhances synergies and benefits of scale among hospitals within the group

    3      Shared supporting services among multiple hubs which enhance efficiency and competitiveness

    4      Established system provides a platform for future expansion

                                                                                                         9
BDMS Complete Continuum of Healthcare

                                                        Centers of Excellence

                                                                         Super Tertiary Care

                                                                           Tertiary Care
                                                                           Secondary Care

                                       Early
 Promotive        Preventive                                  Curative                     Transitional     Rehabilitative
                                     Detection

       BDMS Wellness Clinic                          Phoenix Project                  Chiva Transitional Care Hospital
                                           Non-Hospital Strategic Investment

 Sterile Drug Manufacturer & Distributor       Generic Drug Manufacturer                           Drug Store

                                                                                                                      10
BDMS Centers of Excellence Network
Upgrading Existing 10 Hospitals to Become Centers of Excellence with the Focus on International Patients

                                                                           6       Bangkok Chiangmai

1       Bangkok Headquarter                                                7      Bangkok Udon
        BDMS Medical CoE (Phoenix)

2       Samitivej Sukhumvit

3       Samitivej Srinakarin

4       Phyathai 2                                                          8      Royal Phnom Penh

                                                                            9      Bangkok Pattaya
5       Bangkok Phuket                                                     10      Bangkok Rayong

                                                                                                      11
Medical Cooperation
International and Local Partnership

                                         Sister Institute with MD Anderson
                     Cancer               on cancer

                  Occupational
                health, Pediatrics,      Collaboration with Oregon Health and Science
                Rehabilitation and        University on occupational health, pediatrics,
                   Informatics            rehabilitation, clinical simulation and informatics

                                         Collaboration with Missouri Orthopaedic
                                          Institute, University of Missouri Health Care in
                                          education, training and research

                                         Collaboration with Hannover Medical School for
                  Trauma and
                                          education and research on trauma and
                  Orthopedics             orthopedics

                                         Collaboration with Stanford University for
                                          knowledge sharing on orthopedics

                                                                                                12
Medical Cooperation
International and Local Partnership

                                                                Research collaboration with Department of
                                                                 Neurosurgery, Cedars-Sinai on the TRFS laser
                                                                 device for brain tumor surgery

                 Neuroscience
                                         Collaboration with Black Brain Health Center of Dr. Keith L. Black,
                                          one of the world leading neurosurgeons

                                                                Collaboration with Sano Hospital on
                Gastrointestinal                                 Gastrointestinal Medicine

                                                                 Collaboration with Nagoya University for
                                                                  education, medical treatment assistance and
                                                                  patient referral

                    Others

                                                                Collaboration with local institutions

                                                                                                                13
BDMS Wellness Clinic
A Brand New Wellness Clinic Delivering World-Class Services

                                                                      8 Centers of
                                                                  Preventive Excellence

                                                              1        Regenerative Clinic

                                                                      Musculoskeletal and
                                                              2          Sports Clinic

                                                              3        Cardioscience Clinic

                                                              4        Neuroscience Clinic

                                                              5      Digestive Wellness Clinic

                                                              6            Breast Clinic
 Comprehensive preventative-care center
 Targeting high-end Thai and International customers         7           Fertility Clinic

 Regenerative Clinic opened in Dec 2017                                   Dental Clinic
                                                              8
 The rest will be opened by 1H18
                                                                                              14
Investments
Investments in Other Hospitals : - Listed Companies
  Ramkhamhaeng Hospital PCL (RAM)              38.24%
  Bumrungrad Hospital PCL (BH)                 20.50%

Non- Hospital Strategic Investments *
Pharmaceutical Business

 A.N.B. Laboratories                  100%   Sterile pharmaceutical product manufacturer &
                                              distributor

 Save Drug Center                     100%   Drugstore

 The Medicpharma                      87%    Generic pharmaceutical product manufacturer

 General Hospital Products PCL        46%    Sterile pharmaceutical product manufacturer

Other Complimentary Business                                                                                     THB mm
                                                                                              Non-Hospital Revenues
 National Healthcare Systems          100%   Central lab, central supply chain,
                                              procurement & other shared services                    +5%
 Greenline Synergy                    100%   Shared IT services

 Bangkok Premier Life Insurance       100%   Health & life insurance broker
     Broker                                                                                   2,667           2,810
 Bangkok Helicopter Services          100%   Transportation of patients via helicopter
                                                                                              2016            2017
                                              services

* Not included all BDMS’ investments

                                                                                                                      15
Global Hospital Rankings
    Market Capitalization (USD mm)                                                         Revenue (USD mm)

    EBITDA Margin                                                                          Net Profit Margin

Remark: - Market capitalization as of 5 April 2018
         - Financial performance for year ended December 2017 except Ramsay for the year ended June 2017

                                                                                                               16
Healthcare Industry

                      17
Key Trend for Thai Healthcare Industry

Supportive             Aging demographics and rising income will drive demand for Thai healthcare
Demographic and
Economic Trends        Thai healthcare spending is expected to grow 5-6% p.a. in the next 3 years *

                       Increase health conscious and greater affordability driven a growing
 Changing               demand on preventive care
 Behavior and
 Opportunities         Thailand’s attractiveness as travel destination, convenient infrastructure
                        & facility and value for money help support medical tourism

                       Expanding visa for medical tourist from CLMV and China to 90 days
 Favorable
 Government            Thai Government recently approved tax break on premiums paid for
 Policies               health insurance. This should benefit private hospitals as it could boost
                        healthcare demand

                       Mobile health apps would increase health conscious and preventive care
Health Tech            Support existing healthcare service rather than replacement
                       Mostly in searching for doctor and personal health information
* Source: EIC SCB
                                                                                                18
Thailand Healthcare Coverage
Healthcare Segments in Thailand

                                          Total Expenditure for 2014: THB 360 bn*

                                                 SS                                 Cash
                                                11%                                 32%
                                                                                            Patient Segment
                                                           THB 41 bn   THB 114 bn           Covered by BDMS

                                                           THB 60 bn
                                              CS
                                             17%
                                                                       THB 145 bn

                                                                                    UHC
                                                                                    40%
* Excluding general government expenditure on healthcare
Source: SSO, NHSO, WHO, BOT, Phatra Securities estimates

 Universal Healthcare Coverage               A welfare program for Thai people to receive medical coverage for IPD and OPD care
 (UHC)                                       at registered facilities
 Civil Servant (CS)                          A welfare program provided to employees of governments and state-owned
                                             enterprises
 Social Security Scheme (SS)                 Minimum requirement of healthcare provided to employees of private companies

 Private Healthcare (Cash)                   Proportion of Thai population not covered or choose not to use public healthcare
                                             schemes (UHC, CS and SS), though may have private insurance coverage

                                                                                                                                19
Thailand Healthcare Demand & Supply
Healthcare Supply in Thailand (2014)                                        BDMS Market Coverage (2014)
                                           # of Hospitals     # of Beds                           Total Private    BDMS Registered      Market
Private                                           329             34,567                              Beds             Beds             Share

Public                                            1,019       120,322        Bangkok                  14,339             2,571           18%

Total                                             1,348       154,889        Central                  10,654             1,890           17%
                                                                             South                    2,467               601            24%
(Number per 10,000 population)               Thailand             Global     Northeast                2,904               337            12%
Doctor                                             4               14        North                    4,128               194                5%
Nurse                                              21              30        Total                    34,492             5,593           16%
Bed                                                21              26
Source: WHO, Department of Health Service Support, Bureau of Policy and    Source: WHO and Department of Health Service Support
Strategy

Increasing Healthcare Expenditures in Thailand                              Low Healthcare Penetration
Unit : THB in Billion                                                       % of Healthcare expenditure to GDP
                             Public     Private      +6.0%
                                                               1,126
                                          946      1,003 1,063
            +6.3%                 892
                           841                                                                                                               16.8%
701       735    793

                                                            88%     88%                                                              11.2%
                                          87%       87%                                                                       9.9%
                 86%       86%   87%
85%       85%
                                                                                                      4.1%     4.3%   5.3%
                                                                               3.8%    3.9%    4.0%

15%       15%    14%       14%   13%      13%       13%     12%     12%
2012      2013   2014   2015     2016F 2017F 2018F 2019F 2020F

Source : EIC SCB and WHO                                                    Source: WHO (2015)

                                                                                                                                              20
Increasing Healthcare Demand
  Population Growth and Aging Profile                                                      Commentary
  Percentage of population above 65 years (%)                                                Aging population will have great implications on
                                                                                              both healthcare costs as well as its capacity to serve
                                                      2010              2020       2030
                                                                                              demand. In addition, aging population also means a
          23.3
                                                                                              strain on healthcare capacity if it fails to catch up
                           19.5                                                               well with increasing demand
    15.1
                     13.0
                                                9.9               8.4
                                                                                             Increasing degree of urbanization is expected over
                   8.9
  6.4                                     7.0               5.9                 5.1 6.7       time from 31.1% in 2008 to 38.0% in 2020
                                    3.2               3.3                 2.9
                                                                                             The trend has also been the same for overall South
  Singapore         Thailand         Malaysia         Indonesia           Philippines         East Asia countries where rapid urbanization is
                                                                                              expected from 36.7% in 2000 to 50.6% in 2025
Source: UN Population Database: 2015

  Urbanization                                                                             Rising Monthly Income per Capita
                                                                                          Unit : THB Thousand
                                                                               38.0%
                                                         36.1%                                                                          2007         2011        2015
                                        34.3%                                                 +2%
     31.1%            32.6%
                                                                                                42 41
                                                                                           35                                                                 +4%
                                                                                                           +4%
                                                                                                                  27      +6%            +4%                     27 26
                                                                                                          19 21                    21                       20
                                                                                                                              18             17 19
                                                                                                                         13             14

        2000           2005             2010E            2015E                 2020E      Bangkok and     Central      Northeastern     Northern            Southern
                                                                                            Vicinity
Sources: NESDB, Health & Welfare Surveys, National Statistics Office (Data related to      Source : NSO
Thailand)
                                                                                                                                                                  21
Medical Tourism
                                        Increasing trend of international patient visits
Million People

                                                                                                                         4.6
                                                                                                              4.2
                                                                                                   3.9
                                                                                             3.6
                                                                              3.3
                                                           2.8        3.0
                                                 2.5
                           2.0          2.2
  1.4          1.4

 2008         2009         2010        2011     2012E     2013E      2014F    2015F      2016F     2017F      2018F     2019F
Source: EIC, SCB and Ministry of Commerce

                                            Medical Tourism as a Rising Phenomenon

         Procedures ( In USD)                    USA              Singapore         Thailand       Malaysia           India
 Heart Bypass                                   123,000            17,200           15,000          12,100            7,900
 Heart Valve Replacement                        170,000            16,900           17,200          13,500            9,500
 Knee Replacement                               35,000             16,000           14,000          7,700             6,600
 Spinal Fusion                                  110,000            12,800            9,500          6,000             10,300
 IVF Treatment                                  12,400             14,900            4,100          6,900             2,500

Source: Medicaltourism.com (2016)
                                                                                                                               22
Operational Statistics

                         23
Operating Income Growth
Operating Income Trend                                                                                                (THB mm)

Commentary

   2017 Operating income increased by 6% yoy. This was attributed to
         Revenue growth from hospitals in BKK +5% and in upcountry +8% yoy
         Revenue growth from Thai +5% vs International patients +8% yoy
         Increase in price intensity and complexity cases

Remark:- Operating income is calculated from hospital revenue + revenue from sales of goods and food + other income

                                                                                                                           24
Thai and International Patients
Revenue Contribution by Nationality

                                       Thai      International

       28%         28%       29%         29%        30%                   29%        29%

       72%         72%       71%         71%        70%                   71%         71%

       2013        2014      2015       2016        2017                  4Q16       4Q17

Commentary

 2017 revenues from Thai patients grew 5% yoy while international patients grew 8% yoy
     Top 5 international patient revenues are from Japan, Myanmar, UAE, UK and USA which
      contribute 2.3%, 1.7%, 1.6%, 1.6% and 1.5% of total patient revenues respectively

     Key growth for International patient revenues are Kuwait (+34%), China (+26%) and France
      (+21% yoy)

                                                                                             25
Patient Mix
Revenue Breakdown by Patient Types

                                      OPD      IPD        Others

            55%       55%       55%         54%           53%      51%    53%

            45%       45%       45%         46%           47%      49%    47%

            2013      2014     2015         2016          2017     4Q16   4Q17

Patient Revenue by Payor: Increasing Insurance Portion

           2015                                    2016                   2017

                                                                                 26
Patient Volume
Number of OPD Visits per Day

Average Daily Census ( ADC )

Remarks: - Including social security

                                       27
Utilization of Beds
Occupancy Rate Based on Available Beds

Average Length of Stay (days)

Remarks:- Including social security patients

                                               28
Financial Highlights

                       29
Diversified Sources of Revenues and Profitability
Operating Income Contribution in 2017                                        Total EBITDA Contribution in 2017

Commentary

   In 2017, top 5 hospitals contributed 43% of total revenues and 54% of total EBITDA

   Key hospitals that drive revenue growth were PLR (+48%), SCH (+37%), BKN (+35%), BCM (+29%)
    and BUD (+19% yoy)

* SVH also included SNH performance
Remark: - Operating income is calculated from hospital revenue + revenue from sales of goods and food + other income
         - EBITDA is calculated from revenue from hospital operations + revenue from F&B + other income – cost from hospital operations – SG&A expenses
         - Hospital abbreviation shown on Appendix 1
                                                                                                                                               30
Profitability Trend
EBITDA & EBITDA Margin   (THB mm)

EBIT & EBIT Margin       (THB mm)

                              31
Profitability Trend
Net Profit & Net Profit Margin                                                                  (THB mm)

Commentary

   2017 net profit increased +22% yoy due mainly to net gain on partial sale of investment in BH totaling
    Baht 2,195 million

   If excluded net gain on sales of investment in BH, 2017 net profit slightly decreased by 2% yoy mainly
    from an increase in finance expenses from convertible bonds, an issuance of debentures and long-
    term loans from financial institutions

                                                                                                        32
Capital Management
Capital Structure as of December 2017                          Dividend Payment & Payout Ratio

                                                               * Board of Directors had resolution on 28 February 2018 to propose for
                                                               dividend payment of Baht 0.36 per share.

Gearing Ratios: Well Within Covenants                           Interest Coverage

Net debt / EBITDA covenant < 3.25x                                                                             16.7
                                                                                 13.0           12.5
                 2.2                                    2.2        11.4
                                          1.9                                                                                10.1
Net debt / equity covenant < 1.75x
   1.7                         1.7

                                                               Interest coverage covenant > 4.0x

    0.4           0.6           0.5       0.5            0.5
  2013          2014          2015       2016           2017       2013          2014           2015          2016           2017
            Net Debt/EBITDA           Net Debt/Equity

                                                                                                                                33
Sustainability Development
Your Trusted Healthcare Network

Good Corporate   Practiced good Corporate Governance to ensure
 Governance      long-term growth and sustainability

Employee Well-
                 Fully committed to support diversity and human
  Being and
                 rights in term of gender and cultural differences
 Human Rights

                 Encouraged reductions of energy use without
 Environmental
                 reducing the quality of care and raised
    Friendly
                 awareness on efficient energy consumption

                 Encouraged donation of medical supplies and
   Social and    equipment to unfortunate person
  Community
 Development     Provided health check-up to promote health and
                 well-being of communities

                                                                     34
Appendix 1
For More Information:- www.bangkokhospital.com
 Group 1 (Bangkok&West&Cambodia) Ownership No. of Beds     Group 4 (North&Northeast)         Ownership No. of Beds
 1. Bangkok Hospital                    100% 373           26. Bangkok Udon (BUD)              100%       120
 2. Bangkok Heart Hospital       (BHQ) 100%   97           27. Bangkok Phitsanulok (BPL)       100%       195
 3. Wattanosoth Hospital                100%  48           28. Bangkok Khon Kaen (BKN)         100%       140
 4. Bangkok Huahin (BHN)                100%  64           Group 5
 5. Bangkok Sanamchan (BSN)            100%  210           29. Phyathai 1 (PT1)               100%         224
 6. Thepakorn (TPK)                    44.5% 100           30. Phyathai 2 (PT2)               99.2%        260
 7. Bangkok Phetchaburi (BPR)           100% 255           31. Phyathai 3 (PT3)               98.2%        267
 8. Bangkok Muangraj (BMR)              100% 142           32. Phyathai Sriracha (PTS)        75.1%        350
 9. Royal Phnom Penh (RPH)             100%  100           33. Phyathai Nawamin (PTN)         99.8%        140
 10. Royal Angkor International (RAH)  80.0%  30           34. Paolo Paholyothin (PLP)        100%         267
 Group 2                                                   35. Paolo Samutprakarn(PLS)        93.6%        200
 11. Samitivej Sukhumvit (SVH)               95.8%   275   36. Paolo Chokchai 4 (PLC)         85.7%        169
 12. Samitivej Srinakarin (SNH)              95.8%   400   37. Paolo Rangsit (PLR)            100%         150
 13. Samitivej Sriracha (SSH)                70.1%   184   38. Paolo Kaset (PLK)              100%         162
 14. Samitivej Thonburi (STH)                63.5%   150   39. Paolo Phrapradaeng (PLD)       84.0%         60
 15. Samitivej Chonburi (SCH)                 100%   220   Group 6 (South)
 16. Samitivej Chinatown (SCT)               100%     59   40. Bangkok Phuket (BPK)           99.7%        266
 17. BNH Hospital (BNH)                      91.5%   144   41. Siriroj International (SIH)    100%         151
 Group 3 (East)                                            42. Dibuk (DBK)                    99.7%        100
 18. Bangkok Pattaya (BPH)                   97.3%   400   43. Bangkok Hat Yai (BHH)          98.8%        200
 19. Bangkok Rayong (BRH)                     100%   220   44. Bangkok Samui (BSH)             100%         52
 20. Bangkok Chanthaburi (BCH)               99.7%   170   45. Bangkok Surat (BSR)             100%        150
 21. Bangkok Trat (BTH)                      99.8%   114   Group 7: Non-Hospital
 22. Sri Rayong (SRH)                         100%   195    1. National Healthcare System      100%
 Group 4 (North&Northeast)                                  2. Bio Molecular Laboratories     95.0%
 23. Bangkok Chiangmai (BCM)                  100%   175    3. The Medicpharma                87.1%
 24. Bangkok Ratchasima (BKH)                91.4%   180    4. A.N.B Laboratories              100%
 25. Bangkok Pakchong (BHP)                  91.4%    31    5. Save Drug Center                100%
                                                            6. General Hospital Products      45.8%
Remark:- Number of beds is structured beds
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Appendix 2
Shareholding Structure                                                                                    (As of 15 March 2018)

                                                                                                     % of Shareholding

        1      Mr. Prasert Prasarttong-Osoth, M.D. and family                                             23.3%

        2     Mr. Wichai Thongtang and family                                                              7.5%

        3     Bangkok Airways*                                                                             7.3%

        4     The Viriyah Insurance Co., Ltd.                                                              6.1%

        5     Thai NVDR Co., Ltd.                                                                          5.3%

        6     Social Security Office                                                                       4.1%

        7     Mr. Chirotchana Suchato, M.D. and family                                                     2.6%

        8     Ladpli family**                                                                              2.3%

        9     Mr. Chuladej Yossundharakul, M.D. and family                                                 1.9%

       10 The Bank of New York Mellon                                                                      1.7%

              Total                                                                                       62.1%

     Source: Summary of the information from Thailand Securities Depository Company Limited (TSD)
     * Consisted of Bangkok Airways PCL and Bangkok Airways Holding Co., Ltd
     ** Consisted of Miss Napamas Ladpli, Mrs. Atinuch Malakul Na Ayudhaya and Mr. Parameth Ladpli

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